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    Title: 偏離理性的住宅交易?台北市住宅市場處分效果與房地合一稅
    Deviations from Rationality in Housing Transactions? Disposition Effect in Taipei's Residential Market and the House and Land Transactions Income Tax
    Authors: 李佳怡
    Li, Chia-Yi
    Contributors: 林子欽
    Lin, Tzu-Chin
    李佳怡
    Li, Chia-Yi
    Keywords: 處分效果
    房地合一稅
    重複交易資料
    行為經濟學
    住宅市場
    Disposition effect
    House and Land Transactions Income Tax
    Repeat-sales data
    Behavioral economics
    Residential market
    Date: 2024
    Issue Date: 2024-09-04 14:28:19 (UTC+8)
    Abstract: 許多報章媒體將賺取價差的短期投機客視為房價上漲的推手,但鮮少有針對短期交易者行為與心理的研究。過往若干研究認為台北市住宅市場的投資人受到處分效果影響,在面對獲利的交易時會想盡快出售;在有損失的交易時卻繼續持有。於此同時,2016年實施的房地合一稅制以差別稅率的方式重課短期交易,可能減弱處分效果的影響,卻尚無實證研究驗證。因此,本研究填補過往研究缺口,將住宅區位特徵及移轉稅制改變納入迴歸模型後,發現台北市住宅市場的處分效果已不存在。此外,在房地合一稅實施前,短期投機者確實受到處分效果影響,但在政策實施後,投機客變得更為理性。房地合一稅的實施,雖無法完全消除短期交易,但卻大幅減少處分效果的影響,並使得投資人更為理性地面對市場交易的賺與賠。
    While media often attribute housing price soaring to short-term speculators, research on their behavior and psychology is limited. Some previous studies suggest that investors in Taipei's residential market are influenced by the disposition effect, prompting quick sales of profitable properties while retaining losing investments. The House and Land Transactions Income Tax, implemented in 2016, imposes a higher tax rate on short-term transactions through a differential rate system, potentially weakening the influence of the disposition effect, yet no empirical research has verified this. This study addresses this research gap by incorporating residential location characteristics and tax system changes into regression models. Results indicate the disposition effect has dissipated in Taipei City's residential market. Pre-tax implementation, short-term speculators exhibited the disposition effect; post-implementation, they demonstrated increased rationality. While not eliminating short-term transactions entirely, the tax significantly reduces the disposition effect's impact, fostering more rational investment decisions regarding market gains and losses.
    Reference: 1. 中文參考文獻
    林左裕、傅聖元,2015,「住宅市場處置效應之研究」,『都市與計劃』,42(3),doi: 10.6128/CP.42.3.273。

    屠美亞、黃耀輝,2014,「不動產特銷稅有效性之實證研究:對短期交易與所得的衝擊」,『住宅學報』,23(2):1-20。

    張懿,2016,「臺北市房屋短期重複交易對周圍房價影響之研究」,國立台灣大學社會科學院公共事務研究所碩士論文:台北。

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    3. 綱頁參考文獻
    財政部北區國稅局,2023,房地合一(1.0),常見問答。https://www.ntbna.gov.tw/singlehtml/ca5bf361b3e04ef987a5303753f0f37f?cntId=0275a616e0fb4ee2a8b5c2afb4b01e9c#gsc.tab=0 (檢索日期:2023年5月29日)。

    好房網News,2022,全台「炒短線」45%重稅沒在怕!專家籲「短期交易形同房屋詐騙!」,10月5日。https://news.housefun.com.tw/news/article/190763350948.html (檢索日期:2023年5月29日)。

    翁至威,2023,財長莊翠雲:房地合一2.0上路以來 短期交易減少15%,聯合新聞網,5月25日。https://udn.com/news/story/7243/7189327 (檢索日期:2023年5月29日)。

    蕭又安,2020,研究數據 台北「重複交易」賠售比例最高!,MyGoNews買購房地產新聞,3月29日。https://www.mygonews.com/news/detail/news_id/132030 (檢索日期:2023年5月29日)。

    游智文,2022,炒房短進短出一年賺220億 房仲老總:形同詐騙,好房網News,10月7日。https://news.housefun.com.tw/news/article/952189351189.html (檢索日期:2023年5月29日)。

    朱曼寧,2023,房市短期交易案獲利達334億元 專家曝:不肖房仲聯手投機客造成,聯合新聞網,5月2日。https://udn.com/news/story/7243/7136772 (檢索日期:2023年5月29日)。
    Description: 碩士
    國立政治大學
    地政學系
    111257024
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0111257024
    Data Type: thesis
    Appears in Collections:[地政學系] 學位論文

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